PT International Development Corporation Limited (PT International) has revealed a suspected misappropriation of RMB22.44 million at indirect subsidiary Guangxi Guangming Warehouse Storage Limited (Guangming), according to an announcement dated 2 June 2026.

The alleged incident occurred in early 2021, months before PT International subscribed for a 65 % stake in Thousand Vantage Investment Limited (Thousand Vantage) in October 2021. Thousand Vantage owns 75 % of Guangming, making Guangming an indirect non-wholly-owned subsidiary of PT International.

Key individuals under investigation include: • Mr. Zhu Bin – a Thousand Vantage director, 10.40 % shareholder of PT International and former sole owner of Thousand Vantage prior to the 2021 share subscription. • Ms. Chen Kui – a Thousand Vantage director nominated by Mr. Zhu Bin. • Mr. Zhu Xuefeng – former Deputy General Manager (General Affairs) of Guangming. • Mr. Zhao Zecheng – brother-in-law of Mr. Zhu Bin.

The Qinzhou Municipal Public Security Bureau has arrested Ms. Chen and Mr. Zhao, placed Mr. Zhu Xuefeng under criminal interrogation, and is seeking Mr. Zhu Bin, who has not reported to the authorities. The case is currently in criminal review and prosecution; no convictions have been made.

Of the RMB22.44 million in question, RMB9.64 million has been recovered and seized by the Public Security Bureau. The remaining RMB12.80 million is believed to have been channelled through Lianwei (Shanghai) Finance Lease Limited to Mr. Zhu Bin and associated companies.

Given the ongoing investigation, PT International’s board considers Mr. Zhu Bin and Ms. Chen unsuitable to remain as directors of Thousand Vantage and will request their resignations, pursuing further action if necessary.

The board stated that, because the suspected misappropriation predates PT International’s investment, no material adverse impact on the Group’s current businesses and daily operations is expected.